BIS updates statistics on cashless payments, others

The Bank for International Settlements (BIS) has announced that it is updating and enhancing its statistics on cashless payments and financial market infrastructures in the 24 jurisdictions, which are members of the Committee on Payments and Market Infrastructure (CPMI), the so-called Red Book statistics. In a statement, the Bank said the new statistics reflect the substantial changes that the payment landscape has undergone over the past decade, adding that the statistics will in future include more information on the role of non-banks, on online and contactless payments and on fast…

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Experts doubt illicit financial flows reports

Highly influential global estimates of Illicit financial flows (IFFs) are complete nonsense designed to overstate private sector complicity in underdevelopment, economists at South Africa-based, Eunomix research agency have said. These estimates include the 2015 report from Thabo Mbeki’s High-Level Panel formed by the AU and UN Economic Commission for Africa which, according to the economists, had popularised the accusation that Africa loses $50billion per year to IFFs – mostly in the form of trade misinvoicing by companies. They also include the ongoing work of US nongovernmental organisation, Global Financial Intergrity…

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BDCs grapple with fresh challenges

Just when it seemed that Bureaux De Change (BDCs) were beginning to achieve some sort of success in their long quest to have access  to  adequate foreign exchange supplies from the Central Bank of Nigeria (CBN), the operators are now  facing a new challenge in the form of unfair competition from banks. TONY CHUKWUNYEM writes In the wake of the Central Bank of Nigeria’s (CBN) unveiling of its foreign exchange liberalisation policy on June 15 last year, which was aimed at giving market forces a greater role to play in…

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Financial inclusion: MFBs make slow progress amid trials

Expectations that micro-finance banks (MFBs) will play a key role in helping the Central Bank of Nigeria (CBN) achieve its target of reducing the proportion of Nigerians that are financially excluded to 20 per cent by 2020 may be misplaced as the micro lenders continue to grapple with a harsh business environment, writes Tony Chukwunyem   If official data is anything to go by, there is a steady increase in the number of MFBs in the country.  Specifically, a fortnight ago, the apex bank published its latest list of the…

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MARC affirms IDB’s ratings at AAA/MARC-1

The Malaysian Rating Corporation Berhad(MARC)  has affirmed its long- and short-term Financial Institution (FI) ratings of AAA and MARC-1 respectively on the Islamic Development Bank (IDB). Concurrently, the rating agency affirmed its AAAIS rating on the Sukuk Wakalah programme of up to RM400 million issued by Tadamun Services Berhad (Tadamun), a trust established by IsDB for the purpose of issuing the sukuk. The outlook on the ratings is stable. The ratings are based on the Malaysian national scale. The affirmed FI ratings continue to be premised on IDB’s strong capital…

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Bad-debt, again, casts shadow over banks’ earnings

As the latest earnings season gets underway, speculation is, once again, growing that the persistent bad loans crisis in the banking industry may affect lenders’ performance. TONY CHUKWUNYEM writes   With several of the nation’s top lenders deeply involved debt crisis, there is little doubt that the Etisalat Nigeria crisis is set to overshadow banks’ second-quarter results season, which kicks off this month. Indeed, a Reuters report last Thursday stated that the crisis at Etisalat, which forced the regulatory bodies-Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC)-to…

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CBN: FG missed May revenue target by 48.8%

Stories Tony Chukwunyem Revenue collected by the Federal Government in May 2017 fell short of the monthly budget estimate by 48.8 per cent and was lower than the preceding month’s figure by 13.4 per cent, according to the Central Bank of Nigeria (CBN)’s economic report for May. According to the report “federally-collected revenue (gross) in May 2017 was estimated at N458.42 billion. This was below the monthly budget estimate of N894.76billion by 48.8 per cent. It was also lower than the receipt in April 2017 by 13.4per cent. The fall…

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AfDB, European Commission partner to boost Africa’s devt

The Board of Directors of the African Development Bank (AfDB) Group has approved a historic framework agreement known as the Pillar Assessed Grant or Delegation Agreement (PAGODA) between them and the European Commission (EC), aimed at leveraging and catalyzing grants for the Bank’s Regional Member Countries (RMCs) via EC blending instruments. According to a statement by the AfDB, the partnership will enable it to focus on the High-5 priority areas from its 10-Year Strategy by supporting both sovereign and non-sovereign operations. The Bank’s High 5 entails, Lighting up and power…

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‘Emerging markets need $1.5trn infrastructure investments yearly

cbn, Central Bank of Nigeria

Emerging markets need to invest an average of $1-1.5 trillion in infrastructure, annually, to be able to meet currently expected rates of growth, the World Bank has said. The Breton wood institution also stated in a report released last weekend that while the world currently spends about $2.5 trillion a year on infrastructure, it is estimated that it needs to invest an average of $3.3 trillion annually just to support currently expected rates of growth-with power requiring the largest amount. The study stated: “The world economy – and emerging market…

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Lafferty explains secrets of S’African banks’ success

South African banks are very different from banks in many other countries, Lafferty group CEO Michael Lafferty, has said. In an interview with the online news medium, “Fin24” he stated that one of the key factors setting South African banks apart from, for instance banks in Europe – where states have had to bail out banks – is that local banks in the former won’t be turning to government for help. Lafferty, who was commenting on the Lafferty Group’s 2017 Global Bank Quality Benchmarking study, in which South Africa’s banks…

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